Homework Answers
| The error in the trial balance is that the balance of $41 Drawings account | ||||||||
| was posted on the wrong side.That is the debit balance was posted on the | ||||||||
| credit side of the trial balance , hence it is not balancing | ||||||||
| I found out about the error by checking the balances posted to the trial | ||||||||
| balance | ||||||||
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Why is this not balanced?
4. Why does it not balance? Journal Bank DATE PARTICULARS DEBIT...
Why is this not balanced? Why does it not balance? Journal DATE PARTICULARS | DEBIT ||...
Why is this not balanced?
Why does it not balance? Journal DATE PARTICULARS | DEBIT || CREDIT Ledger Accounts Receivable Jan. Bank Bank 4 500 195 63 4500 3600 - Equipment Capital 100 38 81 0 0 4 695 4510 185 3 Supplies Accounts Payable Supplies Equipment 3 600 38 6 Expense Bank (111 Accounts Payable Capital 10 Bank 8 100 Revenue 95 - 14100 Revenue 15 Drawings Bank Drawings 100 19 Accounts Receivable Revenue Expense 24 Supplies Bank Trial...
Instructions: Below is the adjusted trial balance for Bear Advertising Inc. (1) Prepare an Income Statement....
Instructions: Below is the adjusted trial balance for Bear Advertising Inc. (1) Prepare an Income Statement. Sement of Retained Earnings anda Balance Sheet (2) Then pecare closing trics, pou them to accounts, and prepare a posl-closing trial balance The heverining in Income Statement 1000 Advance De 000 40 4000 15000 0 21500 Cowok Paired Earns Advertising Decatione We spend www.pw Supo LE 300 Statement of Retained Eamings 845196 545165 General Joumai PR Debt Balance Sheet Date Account Credit Cash Accounts...
The following trial balance of Swifty Company does not balance. Your review of the ledger reveals...
The following trial balance of Swifty Company does not balance. Your review of the ledger reveals the following. (a) Each account had a normal balance. (b) The debit footings in Prepaid Insurance, Accounts Payable, and Property Tax Expense were each understated $103. (c) A transposition error was made in Accounts Receivable and Service Revenue; the correct balances for Accounts Receivable and Service Revenue are $2,850 and $6,690, respectively. (d) A debit posting to Advertising Expense of $279 was omitted. (e)...
Normal balance
For the accounts listed below, indicate if the normal balance is a debit or a credit. Account TitleNormal BalanceCashLoan PayableSalaries ExpenseUnearned RevenueOwner’s DrawingsLandInsurance ExpenseService RevenueOwner’s CapitalAccounts ReceivableOffice SuppliesPrepaid InsuranceEquipmentAccounts Payable
ALBA LTD Unadjusted Trial Balance as at 30 June 2018 Account Debit Credit Cash at bank...
ALBA LTD Unadjusted Trial Balance as at 30 June 2018 Account Debit Credit Cash at bank Accounts receivable GST receivable Prepaid insurance Party equipment Accumulated depreciation – party equipment Furniture Accumulated depreciation – furniture Accounts payable GST payable E. Johns, Capital E. Johns, Drawings Hire fees revenue Salaries expense Rent expense Maintenance expense Electricity expense $ 5 200 2 400 3 300 1 200 31 400 47 300 18 310 26 500 5 700 3 100 1 400 $...
WINTER CO. Trial Balance June 30, 2021 Debit Credit Cash $2,921 Accounts receivable 1.913 Supplies 498...
WINTER CO. Trial Balance June 30, 2021 Debit Credit Cash $2,921 Accounts receivable 1.913 Supplies 498 Equipment $7,875 Accounts payable 2,787 Unearned revenue 1,850 F. Winter, capital 11,134 F. Winter, drawings 785 Service revenue 3,490 Office expense 1,013 Salaries expense 2.994 $11,974 $25,286 Your review of the ledger reveals that each account has a normal balance. You also discover the following errors: 1. Cash received from a customer on account was debited to Cash for $740 and Accounts Receivable was...
hi can you help me with a trial balance ? Bank Dr 500 Capital, DB CR...
hi can you help me with a trial balance ? Bank Dr 500 Capital, DB CR 500 Bank Dr 10,000 Bank loan payable Cr 10,000 Prepaid rent Dr 6000 Gst paid on purchase Dr 300 Bank Cr 6,300 Miscellaneous expense Dr 125 Bank Cr 125 Prepaid insurance Dr 1500 Gst Paid on purchase Dr 75 Bank Cr 1575 Building supplies Dr 183.70 Gst Paid on purchase Cr 12.86 Accounts payable Walmart Cr 196.56 Furniture Dr 4500 Gst Paid on purchase...
1. Journalize and post the closing entries ADIUSTMENTS DEBIT CREDIT ADJUSTED TRIAL BALANCE DEBIT INCOME STATEMENT...
1. Journalize and post the closing entries
ADIUSTMENTS DEBIT CREDIT ADJUSTED TRIAL BALANCE DEBIT INCOME STATEMENT CREDIT MALANCE SHEET Debat TRIAL RALANCE DEBIT CREDIT 43171 3165 2376 3155 2276 405 7000 7000 890 3500 3500 ACCOUNT TITLES Cash Accounts Receivable Merchandise Inventory Supplies Equipment Accumulated Depreciation - Equipment Accounts Payable Wages Payable Note Payable Capital Drawing Sales Sales Returns Sales Discounts Cost of Merchandise Sold Salaries Expense Supplies Expense Depreciation Expense Misc. Expense Freight Expense 3750 1501 1800 1000 2100...
prepare an income statement for the year ending 12/31/19; retained earnings statement for the year ended;...
prepare an income statement for the year ending 12/31/19; retained
earnings statement for the year ended; classified balance sheet
Accounts Payable Accounts Receivable $5000 21,500 35,000 2000 Accumulated Depreciation - Equipment Additional Paid-in-Capital Common Stock Cash Common Stock Depreciation Expense Dividends paid Equipment Insurance Expense Interest Expense Interest payable Notes payable (due 12/31/23) Prepaid Insurance Rent Expense Retained Earnings Salaries and Wages Payable Salaries Expense Service Revenue Supplies Supplies Expense Unearned Service Revenue 11,350 8,000 7000 10,000 60,000 850 150...
LOG -30XA IN OFF PROF. ARIAS PROBLEM 4 (25 PTS.) The adjusted trial balance of Personal...
LOG -30XA IN OFF PROF. ARIAS PROBLEM 4 (25 PTS.) The adjusted trial balance of Personal Financial Planners appears below. Using the information from the adjusted trial balance, you are to prepare for the month ending December 31, 2020 1. an income statement 2. an owner's equity statement 3a balance sheet Credit Debit 10,500 4,000 1,900 18,000 Personal Financial Planners Adjusted Trial Balance December 31, 2020 Account titles Cash $ Accounts Receivable Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Salaries...
Why is this not balanced?
Why does it not balance? Journal DATE PARTICULARS | DEBIT || CREDIT Ledger Accounts Receivable Jan. Bank Bank 4 500 195 63 4500 3600 - Equipment Capital 100 38 81 0 0 4 695 4510 185 3 Supplies Accounts Payable Supplies Equipment 3 600 38 6 Expense Bank (111 Accounts Payable Capital 10 Bank 8 100 Revenue 95 - 14100 Revenue 15 Drawings Bank Drawings 100 19 Accounts Receivable Revenue Expense 24 Supplies Bank Trial...
Instructions: Below is the adjusted trial balance for Bear Advertising Inc. (1) Prepare an Income Statement. Sement of Retained Earnings anda Balance Sheet (2) Then pecare closing trics, pou them to accounts, and prepare a posl-closing trial balance The heverining in Income Statement 1000 Advance De 000 40 4000 15000 0 21500 Cowok Paired Earns Advertising Decatione We spend www.pw Supo LE 300 Statement of Retained Eamings 845196 545165 General Joumai PR Debt Balance Sheet Date Account Credit Cash Accounts...
The following trial balance of Swifty Company does not balance. Your review of the ledger reveals the following. (a) Each account had a normal balance. (b) The debit footings in Prepaid Insurance, Accounts Payable, and Property Tax Expense were each understated $103. (c) A transposition error was made in Accounts Receivable and Service Revenue; the correct balances for Accounts Receivable and Service Revenue are $2,850 and $6,690, respectively. (d) A debit posting to Advertising Expense of $279 was omitted. (e)...
WINTER CO. Trial Balance June 30, 2021 Debit Credit Cash $2,921 Accounts receivable 1.913 Supplies 498 Equipment $7,875 Accounts payable 2,787 Unearned revenue 1,850 F. Winter, capital 11,134 F. Winter, drawings 785 Service revenue 3,490 Office expense 1,013 Salaries expense 2.994 $11,974 $25,286 Your review of the ledger reveals that each account has a normal balance. You also discover the following errors: 1. Cash received from a customer on account was debited to Cash for $740 and Accounts Receivable was...
1. Journalize and post the closing entries
ADIUSTMENTS DEBIT CREDIT ADJUSTED TRIAL BALANCE DEBIT INCOME STATEMENT CREDIT MALANCE SHEET Debat TRIAL RALANCE DEBIT CREDIT 43171 3165 2376 3155 2276 405 7000 7000 890 3500 3500 ACCOUNT TITLES Cash Accounts Receivable Merchandise Inventory Supplies Equipment Accumulated Depreciation - Equipment Accounts Payable Wages Payable Note Payable Capital Drawing Sales Sales Returns Sales Discounts Cost of Merchandise Sold Salaries Expense Supplies Expense Depreciation Expense Misc. Expense Freight Expense 3750 1501 1800 1000 2100...
prepare an income statement for the year ending 12/31/19; retained
earnings statement for the year ended; classified balance sheet
Accounts Payable Accounts Receivable $5000 21,500 35,000 2000 Accumulated Depreciation - Equipment Additional Paid-in-Capital Common Stock Cash Common Stock Depreciation Expense Dividends paid Equipment Insurance Expense Interest Expense Interest payable Notes payable (due 12/31/23) Prepaid Insurance Rent Expense Retained Earnings Salaries and Wages Payable Salaries Expense Service Revenue Supplies Supplies Expense Unearned Service Revenue 11,350 8,000 7000 10,000 60,000 850 150...
LOG -30XA IN OFF PROF. ARIAS PROBLEM 4 (25 PTS.) The adjusted trial balance of Personal Financial Planners appears below. Using the information from the adjusted trial balance, you are to prepare for the month ending December 31, 2020 1. an income statement 2. an owner's equity statement 3a balance sheet Credit Debit 10,500 4,000 1,900 18,000 Personal Financial Planners Adjusted Trial Balance December 31, 2020 Account titles Cash $ Accounts Receivable Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Salaries...
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